(1)The subsidies set out in subsection (2) below shall be payable to local authorities in the circumstances, and subject to the conditions, set out in this Part of this Act.
(2)The said subsidies are—
Subsidies to be credited to the housing revenue account.
The residual subsidy.
The housing expenditure subsidy.
The high cost subsidy.
Subsidies to be credited to other accounts.
The rent rebate subsidy.
The rent allowance subsidy.
The slum clearance subsidy.
(3)The subsidies set out in this subsection shall be payable to development corporations and the Scottish Special Housing Association in the circumstances, and subject to the conditions, set out in this Part of this Act.
The said subsidies are—
The residual subsidy.
The housing expenditure subsidy.
The high cost subsidy.
The rent rebate subsidy.
(4)None of the subsidies set out in subsections (2) and (3) above shall be payable, whether to a local authority, a development corporation or the Scottish Special Housing Association, for the year 1971-72 or for any earlier year, except that, in the circumstances, and subject to the conditions, set out in this Part of this Act, the slum clearance subsidy shall be payable to a local authority in respect of expenditure incurred in the year 1971-72.
(5)The subsidies so receivable by housing authorities shall be paid by the Secretary of State out of money provided by Parliament.